FATCA a challenge

  • Home
  • FATCA a Challenge
Apr 25, 2013

BRIDGETOWN, Barbados - According to the Minister of Finance, the Foreign Account Tax Compliance Act (FATCA) is being viewed as a challenge that must be overcome.
The main objective of FATCA is to ensure that the United States’ Internal Revenue Service (IRS) can identify and collect taxes from US taxpayers abroad. It applies to commercial banks and financial institutions with American clients or assets. Under FATCA, financial institutions will have to report all of their US clients and assets. Failure of the institutions to comply will result in blowback from the United States in the form of a 30 per cent withholding tax.

You may also be interested in:

Hipolina Joseph leads the consultations on National Youth Policy Discussions
Stakeholders Engage in Consultations to Strengthen National Youth Policy
The Department of Youth Development and Sports, through its Youth Unit, has commenced a four-day series of half-day closed stakeholder consultations aimed at strengthening the development and imple
caricom_admin
Capacity Workshop
Regional Workshop Strengthens Caribbean Capacity on Genetic Resources
Regional policymakers, scientists, and biodiversity experts gathered from March 3-5, 2026, at The University of the West Indies (UWI), St.
caricom_admin
Statement by Hon. Dr. Joyelle Clarke, Minister of Sustainable Development, Environment, Climate Action and Constituency Empowerment of Saint Kitts and Nevis| High-Level Segment, 16th Meeting of the Conference of Parties of the UN Convention on Biological Diversity| Cali, Colombia| 30 October 2024
Anonymous